1209 E Broadway Unit D15

Hewlett, NY 11557

$250,000B

2 bd · 2.0 ba · 1,026 sqft · Built 1950 · Condo · Pending · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,602/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$472
• HOA: −$0
• Vac / Maint / Mgmt: −$756
• Net cashflow: $1,062/mo
• Annual: $12,746/yr
• Cap rate: 11.66%
• Cash-on-cash: 19.16%
• DSCR: 1.85
• 1% rule: 1.44%
• Cash to close: $70,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $250k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• It's been on market 74 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#7 in NY, #165 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Hewlett-Woodmere Union Free School District (suburban): math 72% / reading 79% proficiency, ranked #59 of 590 in NY (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Hewlett Elementary School (math 57% / reading 72%, grade B, #591 of 2,108 statewide, top 31%, 403 students, 26% FRL); Woodmere Middle School (math 62% / reading 73%, grade A-, #98 of 729 statewide, top 14%, 716 students, 26% FRL); George W Hewlett High School (math 95% / reading 97%, grade A+, #68 of 1,100 statewide, top 6%, 999 students, 26% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 71 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $195k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; major wind risk, 70% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.7% vs local median 2.7% in Hewlett — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.